Japan May Revalue Yen

Japan May Revalue Yen

Japan May Revalue Yen

Jun. 10, 1998

TOKYO (AP) _ Japan's ruling party will put together a draft bill by the end of September to revalue the Japanese currency, a news report said Wednesday.

The Liberal Democratic Party's subcommittee on denomination wants to revalue the yen at roughly one yen to the U.S. dollar, Kyodo News service reported.

The dollar currently buys about 140 yen.

The goal of the proposed revaluation would be to make the yen more competitive as an international currency with the dollar and Europe's newly created Euro, Kyodo said.

Most of the lawmakers on the committee support the move, Kyodo said.

Party officials weren't immediately available to comment on the report.

It remains uncertain, however, if the idea would ever make it to a vote in Parliament. Lawmakers have floated such proposals in the past, only to see them shot down by the powerful Finance Ministry, which has called a new yen unnecessary and disruptive.